• The Journal of Fisheries Business Administration
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• v.49 no.1
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• pp.67-89
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• 2018

In fisheries, as well as in other natural resource-based industries, there is difference between profit and rent. The former is a basic indicator for gauging the business performance of firms, while the latter is for the evaluation of the contribution of resources and industry to economic welfare. Put simply, resource economists are mainly concerned about rent, including pure resource rent and producer surplus (intra-marginal rent [IMR]). In other hand, business economists are mainly concerned about the profitability of the firms comprising the industry. In the academic literature, there are not always clear definitions of the profit and rent concepts and their use in actual analyses. This article will mainly discuss and clarify differences and similarities in profit and rent concepts. In the classical fisheries economic model with one-dimensional homogenous effort and a constant cost per unit of effort, no rent exists in open-access equilibrium. A simple change in this model, for example by introducing heterogeneous effort, opens it to the existence of rent, specifically IMR, at open-access equilibrium. We estimated resource rent and profit from the data using SNA(system of national accounts) and accounting data methods. RR(resource rent) is composed of value-added, compensation of employees, consumption of fixed capital and normal profit in SNA. RR(resource rent) is composed of EBT, Depreciation of fishing rights, financial costs of fishing rights and calculated interests on equity in accounting data methods. We found that the result of two methods is equal. RR is composed of excess profit, rent and interest expenses. In Korea, the magnitude of RR and profit is not different significantly.

• Journal of Fisheries and Marine Sciences Education
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• v.17 no.3
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• pp.340-360
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• 2005

Fishery resource rents(i.e. windfall gains or excess profit), which tend to lead a variety of important economic, social, political problems, have been a fundamental cause of unbalance between fishery resource use and management. Thus, there may exist several sorts of optimal level of resource utilization such as economic maximum sustainable yield, biological maximum sustainable yield, social optimum production, socio-political optimum yield, etc. The fishery resource use level seems to a large extent to be determined by the characteristics of fishermen's rent seeking structure. As well known, fishery resources as common properties have a characteristic of being difficult to establish private property rights. Therefore, their use rights are controlled by the permit and/or the license system. As a result, absolute or differential rents are formed by the changes in institutional arrangements. Rent problems are often transformed into serious socio-political issues when the rent in a given industry is much higher to a socially unacceptable extent than the average of other industries. However, individual fishermen or fishermen's groups tend to behave aggressively to change the existing fishery institutions towards maximizing fishery rents. These rent-seeking behaviors often tend to nullify fishery management schemes. The larger is the relative rent difference between fisheries and other industries, the more aggressive tend to be the rent-seeking behaviors in fisheries.

• Design & Manufacturing
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• v.15 no.2
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• pp.1-10
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• 2021

In this study, the current state of the plastics industry has been examined. The direction of development and innovation is reviewed and commented. The technical statuses of various sectors such as thermoplastic resin, composite material, mold engineering, and simulation have been scrutinized. In addition, the industrial status of each sector has been reviewed. Then, the challenges that the plastics manufacturing industry has to deal with have been discussed. Especially, the situation in Republic of Korea has been elaborated in detail. Based on the discussion, an open innovation strategy has been suggested. It has been argued in this work that the open innovation strategy will enables efficient funding and development by avoiding resource consuming rent seeking.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.10 no.7
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• pp.2952-2971
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• 2016

Outsourcing jobs to a public cloud is a cost-effective way to address the problem of satisfying the peak resource demand when the local cloud has insufficient resources. In this paper, we studied the management of deadline-constrained bag-of-tasks jobs on hybrid clouds. We presented a binary nonlinear programming (BNP) problem to model the hybrid cloud management which minimizes rent cost from the public cloud while completes the jobs within their respective deadlines. To solve this BNP problem in polynomial time, we proposed a heuristic algorithm. The main idea is assigning the task closest to its deadline to current core until the core cannot finish any task within its deadline. When there is no available core, the algorithm adds an available physical machine (PM) with most capacity or rents a new virtual machine (VM) with highest cost-performance ratio. As there may be a workload imbalance between/among cores on a PM/VM after task assigning, we propose a task reassigning algorithm to balance them. Extensive experimental results show that our heuristic algorithm saves 16.2%-76% rent cost and improves 47.3%-182.8% resource utilizations satisfying deadline constraints, compared with first fit decreasing algorithm, and that our task reassigning algorithm improves the makespan of tasks up to 47.6%.

• The Journal of Fisheries Business Administration
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• v.33 no.2
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• pp.49-74
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• 2002

This study examines, from an economic perspective, the reasons for introducing a resource taxe system into the Korean off-shore fisheries and the type of charges that can be introduced. Following a review of the charging systems in other advanced fisheries, we consider the types of charging scheme and some implications for the Korean off-shore fishing industry. Charges could be used for recovering part of fisheries management cost from the industry(i.e. administration, enforcement, research, etc). This can be justified on the grounds that the fishing industry is the main beneficiary of management and that it should therefore bear at least part of the cost involved. It is arguable that publicly-funded management is in effect a subsidy to the industry. Using charges to raise revenue in excess of the cost of management would represent the extraction of a public rent from the fishery resource, but the short-run financial consqquences for the industry would be significant. Results from a qualtitative analysis suggest that while any new charge will have a significant financial impact on the industry in the short run, a landings tax would have a lesser impact on fleet structure in the long run. The study also considers the possibility of a capital gains tax on license sales in order to recover some rent from the industry. Despite any short run-financial consequences, making the fishing industry pay for at least some of the cost of management could benefit the industry as a whole if there were more cooperation between industry and managers as a result. It is acknowledged, however, that there could be disputes over the relative management costs of different sectors of the industry. Even though this study makes few specific recommendations about charging the Korean off-shore fishing industry, it does advise that the issue be reviewed on the basis of the entire Korea fisheries. Finally, the study notes that insufficient data are available on the economic performance of the Korean off-shore fishing vessels and it recommands that a comprehensive system for the collection of costs and earnings data be put in place. It also suggests that MOMAF pay much attention to the permit right market and its transactions.

• Journal of Fisheries and Marine Sciences Education
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• v.16 no.1
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• pp.84-98
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• 2004

Due to a publicly owned resources, the overexploitation of the fisheries resources can result in externalities in the form of reduced future levels of yield. These problems can be theoretically improved through effective management of the fishery. The paper illustrates maximum sustainable yield(MSY), maximum economic yield(MEY) and F0.1 level of fishing mortality as the concept of optimal yield, and it theoretically shows that MSY is more appropriate for the optimal yield than MEY where prices increase even though MEY achieves the maximization of economic rent in a fishery assuming constant prices. And the paper presents several fisheries management tools and policies such as input controls, output controls and taxes. As the traditional approach to fishery management, input controls involve restrictions on the physical inputs into the production process(e.g. capital, time or technology) and output controls involve limits on the quantity of fish that can be landed. To introduce user cost into the harvest decisions of rent-seeking fishers, taxation, as a bioeconomic management policy of the fisheries, directly addresses the problems associated with the resource being unpriced. As most fisheries management plans, however, have increasing fisher income as an objective, taxes have not been introduced into any fisheries management policies despite their theoretical attraction.

• Journal of Information Technology Services
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• v.9 no.2
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• pp.107-127
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• 2010

Typical misconceptions on Enterprise Resource Planning (ERP) among practitioners and researchers are reviewed. Companies can make, buy, or rent ERP solutions, but typically, ERP is conceived as ready-made, off the shelf application software package. The benefits of ERP adoption are frequently generalized without proper clarification of the requisite conditions. The specific outcomes of ERP adoption are not adequately differentiated from those of general computerization. To avoid the side-effects caused by those misconceptions, we 1) clarify the concept of ERP and the methods of sourcing it, 2) specify the requisite conditions for the benefits from packaged ERP solutions, and 3) explain the generic characteristics of ERP, direct effects and resultant possible outcomes of the adoption of ERP.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.135-149
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• 1990

Housing owners in Korea have a variety of tax advantages such as income tax exemption for the imputed rent of owner-occupied housing, exemption from the capital gains tax and deduction of the estate tax for one-house households. These tax reliefs for housing owners not only conflict with the principle of horizontal and vertical equity, but also lead to resource misallocation by distorting the housing market, and thus bring about regressive distribution effects. Particularly in the case of Korea with its imperfect capital market, these measures exacerbate the inter-class inequality of housing ownership as well as inequalities in wealth, by causing the affluent to demand needlessly large housing, while the poor and young experience difficulties in purchasing residential properties. Therefore, the Korean tax system must be altered as follows in order to disadvantage owner-occupiers, especially those owners of luxury housing. These alterations will promote housing-ownership, tax burden equity, efficiency of resource allocation, as well as the desirable distribution of income. First, income tax deductions for the rent payments of tenants are recommended. Ideally, the way of recovering the fiscal equivalence between the owner-occupiers and tenants is to levy an income tax on the former's imputed rents, and if necessary to give them tax credits. This, however, would be very difficult from a practical viewpoint, because the general public may perceive the concept of "imputed rent" as cumbersome. Computing the imputed rent also entails administrative costs, rendering quite reasonable, the continued exemption of imputed rent from taxation with the simultaneous deduction in the income tax for tenants. This would further enhance the administrative efficiency of income tax collection by easing assessment of the landlord's income. Second, a capital gains tax should be levied on the one-house household, except with the postponement of payments in the case that the seller purchases higher priced property. Exemption of the capital gains tax for the one-house household favors those who have more expensive housing, providing an incentive to the rich to hold even larger residences, and to the constructors to build more luxurious housing to meet the demand. So it is not desirable to sustain the current one-house household exemption while merely supplementing it with fastidious measures. Rather, the rule must be abolished completely with the concurrent reform of the deduction system and lowering of the tax rate, measures which the author believes will help optimize the capital gains tax incidence. Finally, discontinuation of the housing exemption for the heir is suggested. Consequent increases in the tax burden of the middle class could be mitigated by a reduction in the rate. This applies to the following specific exemptions as well, namely, for farm lands, meadows, woods, business fields-to foster horizontal equity, while denying speculation on land that leads to a loss in allocative efficiency. Moreover, imperfections in the Korean capital market have disallowed the provision of long term credit for housing seekers. Remedying these problems is essential to the promotion of greater housing ownership by the low and middle income classes. It is also certain that a government subsidy be focused on the poorest of the poor who cannot afford even to think of owning a housing.

• The Journal of Fisheries Business Administration
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• v.31 no.1
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• pp.1-12
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• 2000

The experience of many countries strongly suggests that bad governments and institutions have been a serious, if not the most serious, obstacle to economic growth and industry-structural adjustments. All public sectors pursue a mix of both predatory and productive activities-bad governments emphasizing the former, while good governments finding a way of promoting the later. In fishery public policy studies, much confusion exists about the roles of policy illustration and prescription. In general fishery public sectors involve collective actions by numerous individuals under conditions of uncertainty, complexity, bounded rationality, and imperfect information structure. All collective fisheries action organizations consist of a center(e.g., government), which leads fishery group actions, and peripheral participants(e.g., fishermen), which are controlled by the government. A paradigm is developed that gives both theoretical and empirical meaning to the constitutional determination of fisheries political preference function or fishery public sector governance structures. Three relevant spaces are specified: policy instrument, results, and constitutional. The collective-choice rules of the constitutional space structure the tradeoff between public and special fishery interest groups. Fishery public sectors seeking sustainable reductions in wasteful rent-seeking fishing activities should select constitutional principles and institutional structures that tend to promote resource sustainability. In particular, the effects of internal and external events on fisheries may result in a greater or lesser concentration of interest group power. Thus, the structure of the fishereis political power must be assessed in any prescriptive evaluation of alternative fishery governance weights.

• Journal of Korean Society of Rural Planning
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• v.13 no.2
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• pp.93-105
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• 2007

Allotment gardens with log house in rural area as a rural growth tool are able to adapt to current market mechanisms by communication and promotion techniques. It is important to know what and how allotment garden's users seek their benefits to market segmentations. The primary purpose of this study was to segment and profile the benefits of allotment garden's potential users so as to provide a better understanding of allotment garden in Korea. A self-administered survey was obtained from 298 allotment gardens users in the study area. Four distinct segments were identified based on the benefits; relaxer(23.7%), educator(21.9%), want-it-all gardener(42.3%), and grower(12.2%), and these were profiled with respect to socio-demographics and civic garden-related features. We suggest that the relaxers are target market of allotment gardens with log house because they have willingly intented to pay a higher rent.